Cascal (HOO) Announces New £55M Term Loan Facility
Cascal N.V. (NYSE: HOO) announced today that it has successfully obtained a new term loan facility from Macquarie Bank Limited. The new facility is for 55 million pounds and will mature on June 14, 2015.
The new term loan facility replaces an existing facility ($60 million revolving loan facility; $10 million guarantee facility) with HSBC Bank PLC, which was due to expire on June 26, 2011. The Company will utilize funds from the new loan facility to retire in full the outstanding balance of $58 million on the existing facility. HSBC Bank PLC will continue to provide the guarantee facilities until Cascal replaces these with another provider.
Commenting on the new loan facility, Cascal's Chief Financial Officer, Mark Thurston, said, "We are very pleased to have refinanced our existing debt with a facility that better suits our financial objectives. As a result of the refinancing, we have access to increased growth capital to support our acquisition objectives. In addition, the extended duration of debt puts the Company's finances on a firmer footing."
The new term loan facility replaces an existing facility ($60 million revolving loan facility; $10 million guarantee facility) with HSBC Bank PLC, which was due to expire on June 26, 2011. The Company will utilize funds from the new loan facility to retire in full the outstanding balance of $58 million on the existing facility. HSBC Bank PLC will continue to provide the guarantee facilities until Cascal replaces these with another provider.
Commenting on the new loan facility, Cascal's Chief Financial Officer, Mark Thurston, said, "We are very pleased to have refinanced our existing debt with a facility that better suits our financial objectives. As a result of the refinancing, we have access to increased growth capital to support our acquisition objectives. In addition, the extended duration of debt puts the Company's finances on a firmer footing."
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